Global Markets: Saudi Arabia willing to increase oil output

Compiled by Glen Hallick, MarketsFarm

WINNIPEG, June 2 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– Ahead of Thursday’s OPEC+ meeting, Saudi Arabia signaled it’s prepared to increase its oil production if supplies of Russian crude on the global market begin to wane. Also, United States President Joe Biden will visit Saudi Arabia this month, which the markets believe could result in Middle East oil giant further ramping up its crude output. Reports speculated that Biden would have to meet with Crown Prince Mohammed Bin Salman, the defacto ruler of Saudi Arabia. The crown prince has been a global pariah since his alleged role in the brutal murder of Washington Post journalist Jamal Khashoggi in 2018.

– Voters in Ontario are casting ballots today, with the governing Progressive Conservatives, led by Premier Doug Ford, set to capture a second majority victory. A CBC report said that should the opinion polls be wrong and Ford loses, it’s likely he would quickly exit as party leader. Andrea Horwath is in her fourth election as the leader of the Ontario NDP, which will is probably her last, even if the party retains Official Opposition status. Provincial Liberal leader Steven Del Duca is in a very tight race in his Vaughn-Woodbridge constituency. In all likelihood, loss there would spell the end of his short tenure as leader.

– The United Kingdom began four days of celebrations to mark the 70th anniversary of Queen Elizabeth II’s coronation. The 96-year-old is the kingdom’s longest serving monarch. Thursday’s Platinum Jubilee festivities included a fly-past of Royal Air Force jet fighters in a 70 formation. Over the course of the celebrations, tens of millions of Britons are expected to participate in some way. Over recent months the Queen’s health has come more into question, with Charles, the Prince of Wales taking on more royal duties.

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